Today's Financial Stock Winners and Losers

Fannie Mae ( FNM), the federally chartered mortgage lender, has uncovered new accounting problems and is asking regulators for additional time to file its annual report for 2005. Fannie Mae, already dealing with a multibillion-dollar reworking of its past financial results, didn't provide an estimate for the newest accounting issue.

The latest errors are associated with accounting for certain investment securities at the incorrect cost basis, accounting for guaranty fees and obligations, loan-related accounting matters and other issues. Fannie Mae said it has "made substantial progress" in completing its accounting review and added that it believes it continues to meet its regulatory capital requirements. Shares of Fannie Mae were down 82 cents, or 1.5%, to $53.11.

North Fork Bancorp ( NFB) rose after credit-card issuer Capital One ( COF) agreed to buy the bank holding company for $14.6 billion.

The deal values North Fork at more than $31 a share. Shares of North Fork were higher by $3.96, or 15.6%, to $29.36. Capital One lost $6.37, or 7.1%, to $83.55.

Jackson Hewitt's ( JTX) shares slipped after the tax preparer offered guidance and said early-season tax filings rose 11% from a year ago. The company said it expects to earn $1.51 to $1.56 a share for the year on revenue of $260 million to $265 million.

Revenue for the fiscal year will include $1.7 million related to an agreement with Santa Barbara Bank & Trust. Earnings will include a gain of 3 cents a share related to that agreement, offset by a 5-cent charge for refinancing debt. Excluding those items, the company would earn $1.53 to $1.58. Analysts were looking for a profit of $1.57 a share on revenue of $259 million.

Shares of Jackson Hewitt were losing 50 cents, or 1.7%, to $29.84.

Advance America ( AEA) was higher after Thomas Weisel upgraded its shares to outperform from peer-perform. The company, a provider of cash advances, saw its shares gain 40 cents, or 3%, to $13.75.

CNA Financial's ( CNA) stock was higher following a rating upgrade from Merrill Lynch. Merrill lifted its rating to buy from neutral, and the insurance company's shares tacked on $1.23, or 4.1%, to $31.58.

Western Alliance Bancorp ( WAL) shares dropped 3.7% after Sandler O'Neill downgraded the bank owner to hold from buy. The stock was losing $1.29 to $34.10.